Question

Metlock Company’s record of transactions for the month of April was as follows.

Purchases							Sales
April 1 (balance on hand)			840	@	$6.00		April 3		700	@	$10.00
4			2,100	@	6.08		9		1,960	@	10.00
8			1,120	@	6.40		11		840	@	11.00
13			1,680	@	6.50		23		1,680	@	11.00
21			980	@	6.60		27		1,260	@	12.00
29			700	@	6.79				6,440
			7,420

Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Average-cost per unit

$

  

Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)

LIFO		$
Average-cost		$

  

Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)

		(1) FIFO		(2) LIFO
Inventory		$		$

  

Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)

Cost of goods sold

$

Answer 1